P4,800,000. By December 31, 2021, the end of its 2021 reporting period, Shipx Co. had provisional fair values for the following items: • Trading rights in other foreign territories of P600,000. These had an average remaining useful life of 5 years at the acquisition date. The acquisition date fair value was finalized at P300,000 on September 30, 2022. • Trademarks effective in certain foreign territories of P400,000. These had an average remaining useful life of 10 years at the acquisition date. The acquisition date fair value was finalized at P500,000 on March 31, 2022.

P4,800,000. By December 31, 2021, the end of its 2021 reporting period, Shipx Co. had provisional fair values for the following items: • Trading rights in other foreign territories of P600,000. These had an average remaining useful life of 5 years at the acquisition date. The acquisition date fair value was finalized at P300,000 on September 30, 2022. • Trademarks effective in certain foreign territories of P400,000. These had an average remaining useful life of 10 years at the acquisition date. The acquisition date fair value was finalized at P500,000 on March 31, 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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